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Large Corporations and Industrial Transformation A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Heum, Per; Ylä-Anttila, Pekka; Braunerhjelm, Pontus; Thomsen, Steen Working Paper Firm Dynamics in a Nordic Perspective: Large Corporations and Industrial Transformation IUI Working Paper, No. 401 Provided in Cooperation with: Research Institute of Industrial Economics (IFN), Stockholm Suggested Citation: Heum, Per; Ylä-Anttila, Pekka; Braunerhjelm, Pontus; Thomsen, Steen (1994) : Firm Dynamics in a Nordic Perspective: Large Corporations and Industrial Transformation, IUI Working Paper, No. 401, The Research Institute of Industrial Economics (IUI), Stockholm This Version is available at: http://hdl.handle.net/10419/94736 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Industriens Utredningsinstitut THE INDUSTRIAL INSTITUTE FOR ECONOMIC AND SOCIAL RESEARCH A list of Working Papers on the last pages No. 401, 1993 FffiM DYNAMICS IN A NORDIC PERSPECTlVE: Large corporations and industri al transformation by Per Heum, Pekka Ylä-Anttila, Pontus Braunerhjelm and Steen Thomsen* * Per Heum, SNF, Bergen, Pekka Ylä-AnttiIa, ETLA, Helsinki, Pontus Braunerhjelm, IUI, Stockholm and Steen Thomsen, CBS, Copenhagen. November 1993 PoItadress Gatuadress Telefon Bankgiro . Postgiro Bpx 5501 Industrihuset 08-783 80 00 446-9995 191592·5 11485 Stockholm Storgatan 19 Telefax 08-6617969 DEUM, Per and YLÄ-ANTTILA, Pekka, FIRM DYNAMICS IN A NORDIC PERSPEC­ TIVE - LARGE FIRMS AND INDUSTRIAL TRANSFORMA nON. Helsinki: ETLA. Elin­ keinoelämän Tutkimuslaitos, The Research Institute of the Finnish Economy, 1993. 112 p. (B, ISSN 0356-7443~ No 487). ISBN 951-9206-96-5 and 82-7296-386-8. The study looks at the 30 largest industri al companies in each of the Nordic countries: their growth, internationalization, transformation and role in macroeconomic developments. These firms hold significant positions in their domestic economies. Furthermore, the largest companies at one point in time tend to keep their position as dominant firms over rather long time periods. Hence, a rather small number of large corporations is sufficient to produce effects of significance to the industri al and macroeconomic developments in their countries of origin. The role of the largest industri al firms has increased over the last 10-15 years with respect to all variables studied: employment, output, foreign operations and R&D activities. The contribution of these companies has been particularly important when considering the growing internationaliz­ ation and knowledge intensity of the Nordic industries. KEY WORDS: Corporate growth, internationalization of business, Industri al transformation, Nordie economies. YHTEENVETO l. INTRODUCTION l 2. NORDIC MANUFACTURlNG - AN INDUSTRY LEVEL 4 BACKGROUND 3. ANAL YZING INDUSTRIAL TRANSFORMAnON 10 3.1 Shortcomings in Industry Level Analysis ............ , . .. .. .... 10 3.2 Firms and Industrial Dynamics ......................................... Il 3.3 Current Trends in Industrial Transformation ............................ 15 3.4 Questions to Be Addressed in the Report ................................ 23 4. DEFINmONS AND DATA ON LARGE NORDIC FIRMS 25 4.1 Problems in Defining Manufacturing and Firms ......................... 25 4.2 The Data Base on Large Nordic Firms .................................. 26 4.3 Problems Regarding the Data Base ..................................... 27 4.4 The Largest Corporations of the Nordic Countries ....................... 29 4.5 Large Nordic Corporations in an International Penpective ............... 34 5. INDUSTRIAL TRANSFORMA TION AND LARGE FIRM 37 PERSISTENCE 5.1 Stability in Rankings, 1974-1990 ........................................ 37 5.2 Penistence of Large Firms in a 50-Year Penpective ....................... 46 6. THE GROWTH AND TRANS FORMA TION OF LARGE NORDIC 53 FIRMS 6.1 Corporate Growth ....................................................... 53 6.2 Internationalization of Business ............. .. .. .. .. .. .. .. .. .. ... 59 6.2.1 The Internationalization of the Largest Firms .................... " 59 6.2.2 The Largest Firms Have Primarily Grown Abroad ................... 63 6.2.3 Foreign Ownenhip Controi of Large Nordic Firms .................. 66 6.3 Industrial Competence and Competitiveness ............................ 69 6.3.1 Investments in R&D of the Largest Firms ........................... 69 6.3.2 R&D and the Internationalization of Firms . .. 71 7. LARGE NORDIC FIRMS IN DOMESTIC MANUFACTURING 74 7.1 Output and Growth ..................................................... 74 7.2 Internationalization and R&D Activities ................................. 82 7.3 Is Large Firm Dominance a Small Country Phenomenon? ................ 85 8. CONCLUDING REMARKS: INDUSTRIAL TRANSFORMAnON AND 88 THE ROLE OF LARGE FIRMS REFERENCES 93 APPEND IX l: The Large Firm Data Base: Variables and Data Coverage APPENDIX 2: World-wide Employment of the Largest Firms APPENDIX 3: Domestic Employment of the Largest Firm APPENDIX 4: Mean Employment of the Largest Firms YHTEENVETO Tutkimus on osa pohjoismaisen yhteistyöryhmän (Nordie Perspective Group, NPG) tutki­ musohjelmaa. Yhteistyöryhmä, johon kuuluvat ETLA, IFF (Kööpenhamina), fUl (Tukholma) ja SNF (Bergen), on aiemmin julkaissut useita Pohjoismaiden taIoudellista rakennetta ja tulevaisuuden näkymiä koskevia raportteja. Tämä tutkimus keskittyy ta­ louden mikroperustaan, suuryrityksiin ja niiden rooliin kansantaloudessa. ETLAssa pro­ jekti liittyy yritystalouden ja teoknologian tutkimuksen ohjelmiin. Tutkimuksessa tarkastellaan 30 suurimman teollisuusyrityksen kasvua, kansainvälisty• mistä ja kokonaistaloudellisia vaikutuksia kussakin Pohjoismaassa. Suuryritysten rooli on kaikissa vertailumaissa merkittävä: 30 suurimman teollisuusyrityksen kotimaisen työllisy• yden osuus koko teollisuuden työvoimasta on Suomessa noin SO %, Norjassa ja Ruotsissa runsas kolmannes ja Tanskassakin viidennes. Lisäksi suurimpien yritysten merkitys on kasvanut selvästi viimeisten lO-IS vuoden aikana. Suuryritysten tuotannon ja työllisyyden kasvu on ollut tuntuvasti nopeampaa kuin teolli­ suuden kasvu keskimäärin. Suuret yritykset ovat kuitenkin kasvattaneet pääosin ulkomai­ sia toimintojaan. 30 suurimman teollisuusyrityksen kotimainen työllisyys on supistunut kaikissa Pohjoismaissa 1970-luvun lopulta alkaen. Työllisyyden supistuminen on kuiten­ kin ollut aina 1980-luvun lopulle saakka suuryritysten ryhmässä vähäisempää kuin teolli­ suudessa keskimäärin: yritysten voimakas kansainvälistyminen ei siten pääsääntöisesti ole syrjäyttänyt kotimaista työllisyyttä. Kuitenkin 1980-luvun lopussa tilanne näyttää muuttu­ neen varsinkin Ruotsissa. Suurimpien ruotsalaisten teollisuusyritysten kotimaisen työvoi• man määrä väheni selvästi teollisuuden keskimäärää nopeammin ja vastaavasti ulkomaisen työllisyyden kasvu kiihtyi. Suomessa ja Norjassa muutokset olivat saman­ suuntaisia, mutta vähäisempiä. Suomalaisten suurten teollisuusyritysten kansainvälistyminen oli 1980-luvulla nopeampaa kuin norjalaisten ja ruotsalaisten. Vuonna 1990 jo noin 50 % kymmenen suurimman ja noin 40 % kolmenkymmenen suurimman teollisuusyrityksen työntekijöistä työskenteli ul­ komaisissa tytäryrityksissä. Nopeasta kasvusta huolimatta osuudet ovat tuntuvasti pie­ nempiä kuin ruotsalaisten suuryritysten :ryhmässä, jossa ullmmaisen työvoiman osuus koko henkilökunnasta on noin kaksi kolmannesta. Suomalaisten yritysten kansainvälity• misen taso on jokseenkin sama kuin ruotsalaisten 1970-luvun puolivälissä. Norjassa suurten yritysten kansainvälistyminen on ollut jonkin verran hitaampaa kuin Suomessa. Suuryritysten :ryhmä näyttää olleen hyvinkin pysyvä kaikissa Pohjoismaissa. Yritykset ovat viimeisten 10-15 vuoden aikana pitkälti säilyttäneet keskinäisen suurjärjestyksensä. Myös pitkällä aikavälillä suuryritysten joukko on pysynyt hyvin samankaltaisena: noin kaksi kolmannesta yrityksistä, jotka viisikymmentä vuotta sitten olivat 30 suurimman jou­ kossa on tässä :ryhmässä edelleen. Suuryritysten rooli on erityisen merkittävä suurta riskinottoa vaativissa toiminnoissa, kuten tutkimus- ja kehitystoiminnassa sekä kansainvälisissä toiminnoissa. 30 suurinta teollisuusyritystä vastaa kussakin maassa lähes kokonaisuudessaan teollisuuden kan­ sainvälisistä operaatioista. Myös T&K-toiminnassa suuryritysten merkitys on selvästi niiden tuotanto- ja työllisyysosuuksia suurempi. FOREWORD The Nordic Persepctive Group (NPG) is a cooperating venture of the research insti­ tutes ETLA (Finland),
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